MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Equity Roundup: Geopol Tension Weighs

US STOCKS

Risk-off as latest Russia/Ukraine headlines leaving their mark -- unconfirmed reports of tank fire in eastern Ukraine -- see equities selling off to new session low of 4407.75, drawing some dip buying back to 4414.0.

  • SPX eminis trading -57.25 points (-1.28%) at 4412.25; Dow Industrials -425.9 points (-1.22%) at 34506.96, NASDAQ -176.8 points (-1.3%) at 13946.86.
  • SPX lagging sectors:
    • Financials -1.88%
    • Information Technology -1.63%
    • Industrial -1.37%
    • Materials -1.32%
  • Technicals: SPX Still above first support 4354.00 Low Feb 14
    • S&P E-minis remains vulnerable, with corrective intraday rallies proving particularly shallow. This keeps the outlook pointed lower for now, with downside impetus strengthened by the failure of the contract to hold above the 50-day EMA - at 4549.15.
    • This average represents a firm resistance and a clear break would suggest scope for a stronger rally towards 4671.75 initially, Jan 18 high. The Feb 10 candle pattern is a bearish engulfing reversal, signalling a potential top and the recent move lower reinforces the pattern. This has exposed 4212.75.
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